At 4.6% CAGR, North America Steel Wire Rope Market is Projected to be Worth US$ 2,340.66 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America steel wire rope market was valued at US$ 1,638.95 million in 2023 and is expected to reach US$ 2,340.66 million by 2031, registering a CAGR of 4.6% from 2023 to 2031. Focus on recycling steel wire ropes and increasing demand for galvanized steel wire ropes are among the critical factors attributed to drive the North America hearing market growth.

In recent years, there has been an increasing focus on using sustainable and biobased materials in various industries across the globe. Various industries are focusing on material recycling to reduce the amount of waste that is produced and to help reduce the environmental impact. Recycling can also help conserve natural resources. In addition, metal recycling helps reduce the expenses, energy, and time needed to mine valuable resources. There is a saving of one and a half tons of iron ore, half a ton of coal, and 40% of the water normally used in the production process for every ton of recycled steel.

Various players operating in the market are focusing on recycling steel wire ropes. In June 2023, Hendrik Veder Group, the provider of products, services, and solutions for steel wire rope and synthetic rope, announced that it has the capability to prevent near about 42,000 metric tons (42,000,000 kg) of emissions through its sustainable solutions. Hendrik Veder Group is expecting to avoid CO2 emissions through its ability to recycle steel wire ropes. Therefore, the focus on recycling steel wire ropes is expected to emerge as a key trend in the steel wire rope market during the forecast period.

On the contrary, fluctuations in prices of raw materials hamper the growth of North America steel wire rope market.

Based on product type, the North America steel wire rope market is segmented into stainless steel wire rope, galvanized steel wire rope, carbon steel wire ropes, and coated steel wire ropes. The galvanized steel wire rope segment held 39.7% market share in 2023, amassing US$ 649.93 million. It is projected to garner US$ 960.32 million by 2031 to register 5.0% CAGR during 2023-2031.

In terms of type, the North America steel wire rope market is segmented into regular lay and lang lay. The regular lay segment held 55.9% share of North America steel wire rope market in 2023, amassing US$ 916.85 million. It is anticipated to garner US$ 1,282.24 million by 2031 to expand at 4.3% CAGR during 2023-2031.

By end use, the North America steel wire rope market is divided into mining, oil and gas, building and construction, marine and fishing, and others. The building and construction segment held 29.0% share of North America steel wire rope market in 2023, amassing US$ 475.24 million. It is projected to garner US$ 714.65 million by 2031 to expand at 5.2% CAGR from 2023 to 2031.

Based on country, the North America steel wire rope market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 77.0% share of North America steel wire rope market in 2023. It was assessed at US$ 1,261.53 million in 2023 and is likely to hit US$ 1,816.88 million by 2031, registering a CAGR of 4.7% during 2023-2031.

Key players operating in the North America steel wire rope market are Usha Martin Ltd, Tyler Madison Inc, Central Wire Inc, TEUFELBERGER, ArcelorMittal SA, PFEIFER Holding GmbH & Co. KG, WireCo, and Bekaert, among others.

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